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25/06/2014
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices.
The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
Wonga also added charges to customers’ accounts to cover the administration fees associated with sending the letters.
Clive Adamson, director of supervision at the FCA, said: "Wonga's misconduct was very serious because it had the effect of exacerbating an already difficult situation for customers in arrears. We are pleased that Wonga has been working with us to put matters right for its customers and to ensure that these historical practices are truly a thing of the past.
"The FCA expects firms to pay particular attention to fair treatment of those who have difficulty in meeting their loan repayments."
(CVS/CD)
The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
Wonga also added charges to customers’ accounts to cover the administration fees associated with sending the letters.
Clive Adamson, director of supervision at the FCA, said: "Wonga's misconduct was very serious because it had the effect of exacerbating an already difficult situation for customers in arrears. We are pleased that Wonga has been working with us to put matters right for its customers and to ensure that these historical practices are truly a thing of the past.
"The FCA expects firms to pay particular attention to fair treatment of those who have difficulty in meeting their loan repayments."
(CVS/CD)
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30 September 2014
Profits Plunge For Payday Lender Wonga
Payday lender Wonga has announced its profits have fallen by more than half. It said in the year to end of December 2013, its profits fell by 53%, to £39.7m. The firm put the loss down to "remediation costs". In other words, money it had to pay back to customers as a result of the firm's own errors. In June 2014, the firm was ordered to pay £2.
Profits Plunge For Payday Lender Wonga
Payday lender Wonga has announced its profits have fallen by more than half. It said in the year to end of December 2013, its profits fell by 53%, to £39.7m. The firm put the loss down to "remediation costs". In other words, money it had to pay back to customers as a result of the firm's own errors. In June 2014, the firm was ordered to pay £2.
02 October 2014
Wonga To Write Off 330,000 Customers' Debts
Payday lender Wonga has written off the debts of 330,000 customers after putting new affordability checks in place. Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
Wonga To Write Off 330,000 Customers' Debts
Payday lender Wonga has written off the debts of 330,000 customers after putting new affordability checks in place. Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
16 July 2013
Insurer Fined Over £7m For Mis-Selling
A £7.4 million fine has been imposed on insurers Swinton for the mis-selling of add-on insurance policies. The firm will also have to set aside some £11 million to compensate customers. The fine, the largest of its kind, comes just days after an announcement by the Financial Conduct Authority (FCA) that it would investigate the add-on market.
Insurer Fined Over £7m For Mis-Selling
A £7.4 million fine has been imposed on insurers Swinton for the mis-selling of add-on insurance policies. The firm will also have to set aside some £11 million to compensate customers. The fine, the largest of its kind, comes just days after an announcement by the Financial Conduct Authority (FCA) that it would investigate the add-on market.
25 July 2013
Church Of England Go Into Business Against Wonga
The Church of England is set to go to battle with online payday loan company Wonga. The Archbishop of Canterbury, Most Reverend Justin Welby, has announced a plan for the CoE to expand credit unions as an alternative to payday loan vendors.
Church Of England Go Into Business Against Wonga
The Church of England is set to go to battle with online payday loan company Wonga. The Archbishop of Canterbury, Most Reverend Justin Welby, has announced a plan for the CoE to expand credit unions as an alternative to payday loan vendors.
15 September 2014
Retail Chain Phones 4U Placed In Administration
All 550 shops in the Phones 4U retail chain have closed, after the company was placed in administration. Owners, BC Partners, a private equity firm, announced that the business had been placed in administration and that all the UK's 550 would remained closed.
Retail Chain Phones 4U Placed In Administration
All 550 shops in the Phones 4U retail chain have closed, after the company was placed in administration. Owners, BC Partners, a private equity firm, announced that the business had been placed in administration and that all the UK's 550 would remained closed.
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